The Best Mortgage Lenders in Kankakee, IL
Compare verified mortgage lenders serving Kankakee, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Kankakee
Featured Mortgage Lenders
Riverside Community Credit Union
Riverside Community Credit Union
Riverside Community Credit Union stands as Kankakee's premier local mortgage lender with deep community roots spanning over eight decades. As a not-for-profit financial cooperative, they consistently offer highly competitive rates and personalized service that larger institutions can't match. Their mortgage specialists provide comprehensive guidance through every step of the home financing process, with particular expertise in first-time homebuyer programs and government-backed loans. Members consistently praise their transparent communication, local decision-making authority, and commitment to finding the right mortgage solution for each borrower's unique situation.
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First Federal Savings Bank of Illinois
First Federal Savings Bank of Illinois
First Federal Savings Bank has been a trusted mortgage provider in Kankakee County for generations, maintaining their headquarters in downtown Kankakee. This community-focused institution excels in providing locally-serviced mortgages with the stability of a federally-chartered savings bank. Their experienced loan officers have deep knowledge of the local real estate market and specialize in construction lending and unique property financing situations. Customers frequently highlight the bank's reliability, competitive fixed-rate offerings, and the advantage of working with decision-makers who understand the specific dynamics of the Kankakee housing market.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage brings national lending power with strong local representation in the Kankakee area through their experienced local loan officers. As one of the fastest-growing mortgage lenders in the nation, they offer an exceptionally wide array of loan products including specialized non-QM options for self-employed borrowers and unique financial situations. Their digital mortgage process combines with personalized local service to provide a streamlined experience. The company receives outstanding reviews for their responsive communication, competitive rate pricing, and ability to handle complex loan scenarios that other lenders might decline.
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Frequently Asked Questions
Common questions about mortgage lending in Kankakee, IL
What are the current mortgage rates like in Kankakee, IL?
Kankakee mortgage rates typically align with national averages but can be slightly lower due to the area's lower cost of living. As of late 2024, 30-year fixed rates in Kankakee County generally range from 6.5% to 7.25%, depending on credit score and loan type. Local lenders often offer competitive rates for Kankakee homebuyers, so it's worth comparing multiple local institutions.
Are there any first-time homebuyer programs specific to Kankakee?
Yes, the City of Kankakee offers a Down Payment Assistance Program that provides up to $7,500 in forgivable loans for qualified first-time homebuyers purchasing within city limits. Additionally, the Illinois Housing Development Authority (IHDA) programs are widely available throughout Kankakee County, offering competitive rates and down payment assistance to eligible buyers meeting income requirements.
How does Kankakee's property tax rate affect my mortgage payments?
Kankakee County has relatively high property tax rates compared to national averages, typically ranging from 2.0% to 2.8% of assessed value. This significantly impacts your monthly mortgage payment since lenders include property taxes in escrow calculations. When budgeting for a Kankakee home, factor in that property taxes can add $300-$600 or more to your monthly payment depending on home value.
What types of homes in Kankakee qualify for USDA rural housing loans?
Most of Kankakee County qualifies for USDA rural development loans, which offer 100% financing with no down payment required. This includes properties throughout Kankakee County except for the most densely populated areas of the city itself. Many surrounding communities like Bourbonnais, Bradley, and Aroma Park are USDA-eligible, making this an excellent option for qualified buyers seeking Kankakee-area homes.
How competitive is the Kankakee housing market for mortgage borrowers?
The Kankakee market remains relatively balanced compared to more competitive Illinois markets, with median home prices around $150,000-$200,000. This gives mortgage borrowers more time to secure financing without facing bidding wars common in larger markets. However, well-maintained homes in desirable Kankakee neighborhoods can move quickly, so having mortgage pre-approval from a local lender is essential.
Why Choose a Mortgage Lender in Kankakee?
Local Market Knowledge
Lenders who understand Kankakee's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Kankakee and get competitive rates on your home loan.